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Brazil & Southern Cone - April 2005 (ISSN 1741-4431)
Pressure mounts on central bank over interest rate policy
The government was clearly disappointed by the central bank's decision, on 20 April, to increase interest rates, for the eighth consecutive month. A well-informed article in
Folha de São Paulo on 21 April reported that the government was surprised by yet another increase in the basic interest rate (Selic). Politicians are not the only people questioning the central bank's policy: independent economists argue that the central bank's policy is misguided. Even the IMF is beginning to look askance at the bank's increases.
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